Moody’s Downgrade Sony

Moody’s cut Sony credit rating after four straight annual losses. Sony was cut to the lowest investment grade by Moody’s due to week TV and Camera sales. Sony was downgraded six continuously levels from its As3 rating in 2003.

Moody’s released the following statement; “Overall earnings will stay weak due largely to prolonged operating losses in TVs and mobile phones, as well as significant declines in earnings from digital imaging products and games.